March 27, 2024
Singapore Police Warn Against Crypto Drainer Attacks
Latest Cryptocurrency News

Singapore Police Warn Against Crypto Drainer Attacks

Singaporean authorities have issued a cybersecurity warning due to the increasing use of cryptocurrency drainers, a type of malware targeting crypto wallets. The Singapore Police Force (SPF) and the Cyber Security Agency of Singapore (CSA) jointly issued an advisory to alert the public about cyberattacks involving these crypto drainers, particularly through phishing campaigns. The advisory raised concerns about the availability of commercial crypto draining kits, enabling less experienced cybercriminals to deploy sophisticated malware without upfront costs. The drainer-as-a-service (DaaS) model allows attackers to share a predetermined percentage of the stolen funds with the service provider.

The modus operandi of crypto-drainer-related attacks often begins with phishing campaigns, involving tactics like hacking into social media accounts or sending fraudulent emails. Victims are directed to fake trading websites where they are prompted to connect their Web3 wallets. Subsequently, a malicious smart contract is injected, facilitating unauthorized fund withdrawals by hackers.

While no such attacks have been reported in Singapore, the authorities emphasized the prevalence of this practice among hackers. Notably, the MS Drainer, a widely used off-the-shelf crypto drainer, contributed to the theft of $59 million worth of cryptocurrency in 2023.

To mitigate the risk of wallet drainer attacks, Singaporean authorities recommended the use of hardware wallets and urged investors to conduct thorough research. The advisory stressed the importance of promptly reporting any such incidents to both authorities and crypto service providers.

In the event of an attack, victims are advised to revoke suspicious token approvals and transfer the remaining funds to a different secure wallet address to prevent further losses. The warning underscores the authorities’ proactive approach to address emerging threats in the cryptocurrency space and protect investors from potential financial losses due to cyberattacks.

Image by freestockcenter on Freepik

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